It follows that incumbents seeking to master it should embrace a new strategic framework. While frameworks such as SWOT analysis,*2 game theory, and even Michael Porter’s Five Forces proved extremely useful for companies in the 1980s, 1990s, and early 2000s, the nature of competition has changed. Most industries used to have only two or at most a few major global players. Today industries contain many competitors, mostly small ones acting globally. Game theory loses much of its value when one larger, more predictable player has to play a strategic “chess match” with not one, not two, but
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